Friendsurance Gears Up for New Partnership with Deutsche Bank

KEY TAKEAWAYS:

• Deutsche Bank is determined in socially innovating banking and insurance features.
• Bancassurance integration in the Deutsche Bank online banking is set to implement in Australian banking.
• Friendsurance rewards its loyal insurers for up 40% refunds.

Pioneer insurance shareware, Friendsurance, has received confirmation on a partnership with the leading German global financial services provider, Deutsche Bank, using Bancassurance. It has been a long-awaited fusion of convenient banking and insurance products in one financial platform.

Perry Abbot, CEO and Managing Director of Friendsurance Australia, reveals its early stages of negotiation regarding the striking statement denoting that banks thrive change. Banks such as the Commonwealth Bank has begun implementing the latest insurance strategies as well.

The counter-insurance method of Friendsurance rose to popularity having started eight years ago in Berlin, Germany. The insurance scheme entails a systematic profiling of consumers supporting one another within a circle of ten people per cluster insurance. At Friendsurance, consumers can enjoy as high as 40% refund for non-claim premiums.

Mr Abbot also shared that the brand new Bancassurance system created in Germany will also cater the Australian market.

“Banks are always looking for ways to bring better things to their customers … there is definitely an appetite to do something different in this space, I don’t think it’s been a channel for insurers that’s been an amazing source of customers in the past, but it has good potential in the future.” as stated by Mr Abbot.

Last year, a bike insurance rewards program was introduced to the public by the company. James Packer strongly supported Friendsurance through Ellertson Capital. Presently, Friendsurance extends its commercialisation into a vast range of retail opportunities. Highly renowned investor Anthony Kiok of Ellertson Ventures has generously supported Friendsurance with $5.5 million investment in the company, has expressed his certainty regarding the impact of the collaboration with Deutsche Bank.

“The Deutsche Bank partnership is the result of continuing innovation from Friendsurance Germany. The potential of this new approach to bancassurance is exciting and provides tremendous opportunities for the Friendsurance platform in the Australian environment,” said by Mr Kiok, Investment Director of Ellertson Ventures.

Highlights of the integration agreement mark its implementation by mid-2018 through their digital banking portal via the optimised insurance manager feature. Zurich has also maintained the Deutsche Bank as their insurance partner.

“We aim to become our clients’ main digital bank. Many of them want a reliable platform where they can efficiently manage all their financial needs and where they can get products that go beyond what traditional banking services offer,” expressed by  Markus Pertlwieser, Chief Digital Officer of private and commercial clients of Deutsche Bank.

Local bank partners such as the Commonwealth Bank of Australia (CBA) market has been spotted again by the American International Group (AIG) according to Street Talk. It is connected with AIG’s purchase of its Comminsure and Sovereign life insurances last 2017. However,  plans of trading its lesser stake in the Indonesian insurance industry are still undetermined. Hence this only proves the nation’s largest financial institutions amending their economic operations namely CBA, ANZ Banking Group and National Australia Bank, utilising apportionment to insured consumers.

About Friendsurance Australia

Friendsurance Australia has created the foundation for success. Fully implemented, licenced, launched and backed by the experience and scale of Friendsurance Germany. The business is well positioned to have a major impact on the $40b Australian insurance industry. Friendsurance is an online pioneer in peer to peer insurance and digital distribution.

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